Rule 43 - Exercise and control of Liquidator’s powers and duties - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Exercise and control of Liquidator s powers and duties 43. (1) The Liquidator shall, in the administration of the assets of the LLP and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of the creditors or partners or the Committee of inspection. (2) Any directions given by the creditors or partners shall, in case of conflict, be deemed to be overridden by any directions given by the Committee of inspection. (3) The Liquidator (a) may summon meetings of the creditors or partners, whenever he thinks fit, for the purpose of ascertaining their wishes; and (b) shall summon such meetings at such times, as the creditors or partners, as the case may be, may, by resolution, direct, or whenever requested in writing to do so by not less than one-tenth in value of the creditors or partners, as the case may be. (4) Subject to the provisions of the Act and these Rules, liquidator shall, use his own discretion in the administration of the assets of the LLP and in the distribution thereof among the creditors. (5) Any person aggrieved by any act or decision of the Liquidator may apply to the Tribunal, and the Tribunal may confirm, reverse or modify the act or decision complained of and make such further order as it thinks just in the circumstances.